The table below gives the list price and the number of bids received for five ra

Question

The table below gives the list price and the number of bids received for five randomly selected items sold through online auctions. Using this data, consider the equation of the regression line, cap y = b_0 + b_1 x, for predicting the number of bids an item will receive based on the list price. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Step 6 of 6: Find the value of the coefficient of determination.

Explanation / Answer

y = -9.3892045 + 0.377840909*x

R^2 =0.8816287878

SUMMARY OUTPUT Regression Statistics Multiple R 0.938950897 R Square 0.881628788 Adjusted R Square 0.842171717 Standard Error 0.948483638 Observations 5 ANOVA df SS MS F Significance F Regression 1 20.10113636 20.10113636 22.344 0.017941 Residual 3 2.698863636 0.899621212 Total 4 22.8 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept -9.389204545 3.241200059 -2.89682969 0.062664 -19.7041 0.925741 -19.7041 0.925741 Price 0.377840909 0.079933442 4.726944045 0.017941 0.123457 0.632225 0.123457 0.632225

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